MICROCAPITAL BRIEF: responsAbility Social Investments of Switzerland Makes Loans Totaling $3m to Gata Daku of the Philippines; Koperasi Mitra Dhuafa (Komida) of Indonesia; and Cambodian Microfinance Institutions (MFIs) AMRET, Sathapana and Thaneakea Phum Cambodia Limited (TPC)

responsAbility Social Investments AG, an investment company based in Switzerland, recently reported to MicroCapital that it has made loans totaling the equivalent of USD 3.06 million to microfinance institutions (MFIs) in Cambodia, the Philippines and Indonesia [1].The responsAbility Microfinance Leaders Fund (rAMLF), a microfinance investment vehicle (MIV) managed by responsAbility, invested USD 1 million in Amret, a Cambodian MFI. In 2009, AMRET reported to the US nonprofit data provider Microfinance Information Exchange (MIX) total assets of USD 71.4 million, a gross loan portfolio of USD 53.4 million, approximately 217,000 borrowers, return on assets (ROA) of 4.47 percent and return on equity (ROE) of 21.2 percent.

rAMLF also loaned the local currency equivalent of approximately USD 500,000 to TPC, a Cambodian MFI. In 2009, TPC reported to MIX total assets of USD 28.3 million, a gross loan portfolio of USD 17.5 million, 91,200 active borrowers, return on assets (ROA) of 1.46 percent and return on equity (ROE) of 8.29 percent.

The responsAbility Global Microfinance Fund (rAGMF), a second MIV managed by responsAbility, invested USD 1 million in Sathapana, a Cambodian MFI. In 2009, Sathapana reported to MIX total assets of USD 43.5 million, a gross loan portfolio of USD 39.7 million, approximately 36,200 borrowers, return on assets (ROA) of 4 percent and return on equity (ROE) of 26 percent.

rAGMF also loaned the local-currency equivalent of approximately USD 250,000 to Gata Daku, a cooperative in the Philippines.  Gata Daku has not reported to MIX since 2007 and does not disclose financial information on its website.

rAGMF also loaned the local currency equivalent of approximately USD 305,000 to Koperasi Mitra Dhuafa (Komida), an Indonesian MFI. In 2009, Komida reported to MIX total assets of USD 3.8 million, a gross loan portfolio of USD 2.5 million, return on assets (ROA) of 1.91 percent and return on equity of 9.93 percent.

By Jacqueline Foelster, Research Associate

About responsAbility Social Investments AG: Founded in 2003, responsAbility Social Investments AG is a Swiss investment company whose products aim to enable investors to earn a financial return while assisting people in emerging markets to access information and markets in sectors such as microfinance, small and medium-sized enterprise (SME) financing, fair trade and independent media. According to calculations based on data from the Microfinance Information Exchange (MIX) from 2009 and 2010, responsAbility manages approximately USD 800 million in total assets. responsAbility is backed by Swiss financial institutions and a social venture capital company as founders and shareholders including Baumann & Cie, Banquiers, Credit Suisse, Raiffeisen Schweiz, Swiss Re, Bank Vontobel AG as well as George Avenue.

About responsAbility Microfinance Leaders Fund (rAMLF): rAMLF invests in large microfinance institutions (MFIs) through debt securities and equity investments. LuxFLAG, an independent organization that certifies that microfinance vehicles actually invest in the microfinance sector, renewed rAMFL’s label as of April 2010.

About responsAbility Global Microfinance Fund (rAGMF): rAGMF is a microfinance investment vehicle (MIV) managed by responsAbility that invests in microfinance institutions (MFIs) and other MIVs, mostly through short- to medium-term debt securities. rAGMF also invests up to 10 percent of its assets in the equity of MFIs. In April 2010, its annual label was renewed by the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. rAGMF reported to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse, that it had USD 474 million in fund assets as of 2010.

About AMRET: AMRET, formerly known as Ennetean Moulethan Tchonnebath (EMT) “credit in rural area”, was established in Cambodia in 1991 as a project of French NGO Groupe de Recherche et D’Echange Technologiques (GRET). Transformed into a private limited company in 2000, AMRET received its license to operate as a microfinance institution (MFI) in 2001. AMRET currently operates in 14 provinces, most of which are situated in the center and southern parts of the country. In 2009, AMRET reported to the US nonprofit data provider Microfinance Information Exchange (MIX) total assets of USD 71.4 million, a gross loan portfolio of USD 53.4 million, approximately 217,000 borrowers, a deposit balance of USD 2.9 million, 3,100 depositors, return on assets (ROA) of 4.47 percent and return on equity (ROE) of 21.16 percent.

About Thaneakea Phum Cambodia Limited (TPC): TPC was launched in 1994in Cambodia as part of the Small Enterprise Development program of US-based nonprofit organization Catholic Relief Services (CRS). In 2002, CRS/TPC officially incorporated as a limited liability company named Thaneakea Phum (Cambodia) Limited. In 2003, TPC received its license from the National Bank of Cambodia to operate officially as a microfinance institution. In 2009, TPC reported to US-based data provider Microfinance Information Exchange (MIX) total assets of USD 28.3 million, a gross loan portfolio of USD 17.5 million, 91,200 active borrowers, return on assets (ROA) of 1.46 percent and return on equity (ROE) of 8.29 percent.

About Sathapana: First established as a nonprofit organization (NGO) called Cambodian Entrepreneur Building Limited (CEB), Sathapana Limited registered in 2001 under its current name with the National Bank of Cambodia (NBC) as a microfinance institution (MFI). In 2009, Sathapana Limited reported to the US nonprofit data provider Microfinance Information Exchange (MIX) total assets of USD 43.5 million, a gross loan portfolio of USD 39.7 million, approximately 36,200 borrowers, return on assets (ROA) of 4 percent and return on equity (ROE) of 26 percent.

About Gata Daku: Gata Daku was founded as a cooperative in 1992 by a group of farmers concerned with the lack of income-generating activities in their area. It offers both savings and loan products. Gata Daku has not reported to the US-based data provider Microfinance Information Exchange (MIX) since 2007 and does not otherwise publish its financial information.

About Koperasi Mitra Dhuafa (Komida): Komida was established in 2004 in Jakarta, Indonesia. Having received training from Grameen Bank, a microfinance bank established in Bangladesh, Komida provides loans to underserved individuals in an effort to empower poor communities through its subsidiary Yayasan Mitra Dhuafa (Yamida). In 2009, Komida reported to MIX total assets of USD 3.8 million, a gross loan portfolio of USD 2.5 million, return on assets (ROA) of 1.91 percent and return on equity of 9.93 percent.

Sources and resources:

[1] Data submitted by responsAbility Social Investments AG to MicroCapital, March 2011

MicroCapital Microfinance Universe Profile: responsAbility Social Investments AG, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility

MicroCapital Microfinance Universe Profile: responsAbility Microfinance Leaders Fund  (rAMLF), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Microfinance+Leaders+Fund+%28rAMLF%29

MicroCapital Microfinance Universe Profile: responsAbility Global Microfinance Fund (rGMF), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Global+Microfinance+Fund+%28rAGMF%29

MicroCapital Microfinance Universe Profile: AMRET, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=AMRET

MicroCapital Microfinance Universe Profile: Thaneakea Phum (Cambodia) Ltd. (TPC), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Thaneakea+Phum+%28Cambodia%29+Limited

MicroCapital Microfinance Universe Profile: Sathapana, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Sathapana

MicroCapital Microfinance Universe Profile: Gata Daku, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Gata+Daku

MicroCapital Microfinance Universe Profile: Koperasi Mitra Dhuafa (Komida), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Koperasi+Mitra+Dhuafa+%28Komida%29

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